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ISMA Seeks Sugar Import Duty Hiked to 40 Per Cent

06 June 2014

INDIA - Indian Sugar Mills Association (ISMA) has asked the new government to hike import duty on sugar to 40 per cent from the current 15 per cent duty.

The association said that this will help 50 million farmers and generates employment for about 12 per cent of the total rural population with new stable policy.

ISMA said they are asking for the raise in import duty to boost sales of domestic sugar as the country has surplus production.

"We urge the government's support in providing a stable policy for the Indian Sugar Industry and help the rural economy grow further," Indian Sugar Mills Association (ISMA) president Ajit Shriram said in a statement.

ISMA also recalled that industry has to pay $2.02 billion to sugarcane farmers due to high cane price compared with sugar prices.

“A stable policy will benefit all stakeholders- farmers, consumers and industry” Shriram stressed.

India’s sugar production fell by 3.23 per cent to 23.9 million tonnes until May 15, 2014 during current 2013-14 marketing year 2013-14 ending September.

For the entire year 2013-14, sugar production is pegged at 24.2 million tonnes, four per cent less than the last year's level of 25.1 million tonnes.

India is the world's second largest producer and biggest consumer and its annual domestic consumption is estimated at 23 million tonnes to 23.5 million tonnes, ISMA said.

ISMA represents 260 sugar mills in the country and voice their concern to the state and central government for the sector.

TheCropSite News Desk

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